SBI ALert: The State Bank of India (SBI) customers need to know that the largest Indian commercial bank is going to change ATM money withdrawal rules through OTP from tomorrow. The SBI has said in a written press statement that it is extending OTP-based cash withdrawal for Rs 10,000 and above throughout the day across all SBI ATMs in the country starting September 18, 2020. To reinforce its ATM security system and safeguarding customers, SBI had introduced OTP based cash withdrawals of above ₹ 10,000 between 8 PM – 8 AM through SBI ATMs from January 1, 2020.
Speaking on the extension of OTP based ATM service; CS Setty, MD (Retail & Digital Banking) at SBI – “SBI has always been at the forefront in ensuring convenience and safety to its customers through technological improvisation and augmentation of security level. With the enablement of 24×7 OTP authenticated ATM withdrawals we believe SBI customers will have a secured and risk-free cash withdrawal experience.”
With the introduction of 24×7 OTP-based cash withdrawal facility, SBI has further strengthened the security level in ATM cash withdrawals. Implementing this facility throughout the day would prevent SBI debit cardholders from the risk of falling prey to fraudsters, unauthorized withdrawals, card skimming, card cloning and the likes.
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The OTP is a system-generated numeric string of characters that authenticates the user for a single transaction. Once customers enter the amount they wish to withdraw, the ATM screen will ask for OTP where they would require to enter the same received on their registered mobile number. The OTP based cash withdrawal facility is available only at SBI ATMs as this functionality at non SBI ATMs has not been developed in National Financial Switch (NFS).